Naira now drops down to 208 (215) to a dollar

The naira, on Friday, depreciated against the dollar as it traded at
N208 from the N191.50 it sold for on Monday, January 19. (it's about
N215 as of today)The News Agency of Nigeria (NAN) reports that the new
rate had made the naira to lose N16.50 within five days.

The CBN's website, however, put the naira against the dollar at
N167.50, while the pound sold for N253.20 and the euro stood at
N193.89.he development has resulted into speculation in the market and
caused ripple effects on other currencies. NAN correspondent who
visited some bureau de change and blackmarket operators in Lagos said
that they could not give ratesto the pound sterling and the euro.
Dealers who preferred anonymity said that there was scarcity of
dollars in circulation.

They said that the Central Bank of Nigeria (CBN) had stopped selling
forex to the bureaux de change since lastyear.The dealers added that
the recent review of trading positions for the forex trading to 72
hours also contributed to speculation in the system. The effect, they
added, was that the naira could depreciate further by next week. NAN
recalledthat the CBN in November 2014 devalued the naira. (NAN)